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HCL Infosystems has registered a consolidated net loss of Rs 241 crore for the quarter ended March 2018. The company had posted a net loss of Rs 124 crore in the same period last year.
Gross margins dropped in the fourth quarter of 2018 due to supply mismatch of new products launched and lower demand for new models, the company said in a press statement.
The company’s consolidated revenue for the period January to March 2018 stood at Rs 1,108.90 crore, up 50 per cent, compared with Rs 738.50 crore in the comparable quarter in 2017.
For the year ended March 2018, the company’s consolidated net loss stood at Rs 813.76 crore against Rs 247.67 crore in the same period last year.
Consolidated income for the financial year 2018 saw a 11 per cent increase at Rs 3,742 crore as opposed to Rs 3,371.19 crore in the financial year ended March 2017.
Rangarajan Raghavan, Managing Director, HCL Infosystems Ltd, said in the statement: “The year also witnessed optimisation of certain businesses which has enabled us to journey ahead on a stronger footing. We took certain strategic decisions whereby the domestic services business is being divested and the care business has been divested to strategic buyers. Even so in Q4FY18, the Y-o-Y revenue growth from continuing operations was substantial.”
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